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Opening: Stocks cheer up with another 127pts as KSE on threshold of 32,000 points

Opening: Stocks cheer up with another 127pts as KSE on threshold of 32,000 points

KARACHI: Stocks continued to roar with enthusiasm on the way to historic high of 32,000 points as benchmark KSE 100-index climb up another 127.33 points or 0.40 percent to reach it new high of 31,756.33 points in early trading on Thursday.

The Karachi Stock Exchange opened at the overnight closing of 31,629 points and continued the spree, adding to the joys of investors and brokers. The market appeared buoyant and steady, reflecting its resolve to cross the new highs.

It is to be noted that $7.63 million foreign inflows gave a big boost to stock values on Wednesday and local investors took comfort on the return of the overseas investors after profit booking for several weeks.

Trade volumes surged by 100 million shares over the earlier day’s trade and traded value also shot up by Rs6 billion, showing interest of the investors.

Analysts said that post IMF and government meeting, the monetary and fiscal board officials revealed that the government had decided to keep monetary policy tight in FY15, although low inflation and improved balance of payment situation were indicating monetary policy easing.

They were of the view that the market was making new highs on improved economic conditions including successful meeting with IMF and expected investment from China and Germany in power sector which could improve the energy situation.